Christopher Friedman will present, "Texas Court Vacates CFPB's UDAAP Exam Manual: Implications for Financial Institutions," at the ACC Financial Services Network on Thursday, September 28, 2023.
In early 2022, the CFPB made a significant change to its UDAAP exam manual by expanding its definition of 'unfair' practices to include acts or practices that result in discrimination. This interpretation allowed the bureau to reach activities and financial products not covered by the Equal Credit Opportunity Act.
In this session, Husch Blackwell financial services Partner Christopher Friedman will explore the court's decision, its immediate and potential future implications, and what it means for financial institutions.
Additionally, the webinar will provide actionable steps that financial institutions can take to reduce risk. This is particularly crucial as the CFPB continues to find ways to achieve its goals, and states and other federal agencies like the FTC may also interpret their UDAAP authority more broadly.